Piracy and its Effect on Global Trade

Dr. Jamal Sanad Al-Suwaidi, Director General of the Emirates Center for Strategic Studies and Research (ECSSR), contends that over the last ten years, the Gulf of Aden and the Arabian Sea have reached high levels of piracy, lending to increased risk for the maritime shipping industry. At Tuesday’s international symposium entitled: ‘The Challenges of Piracy in the Gulf of Aden and the Arabian Sea,’ he highlighted the issue.

“The risks of such crimes taking place are exacerbated by links to organizations involved in international terrorism. Undoubtedly, the volume of global trade that passes through the Gulf of Aden and the Arabian Sea makes this region an indispensable economic artery and maritime corridor for world security and stability,” he is quoted as saying.

However, aiming for a balance in his rhetoric, he also accentuated how the United Arab Emirates (UAE) have shown their commitment over the past ten years to reducing piracy and related activities in the region. These actions by the UAE have shown positive results, as well as a commitment to working against international terrorism and the collateral crime manifests itself as a bi-product of it.

Acknowledging the notion that piracy is largely a bi-product of weak government as well as ties to terrorist organizations, Dr. Al-Suwaidi is later quoted as saying: “In response to maritime piracy activities in the Gulf of Aden and the Arabian Sea, the UAE is following a two-track approach. On the one hand it provides support for international efforts to confront maritime piracy gangs and on the other hand it supports political ties aimed at enabling the Somali state to control its territory.” Lending credit to the nations in the region for exhibiting their best efforts to curb the phenomenon of piracy is a major step forward into the realm of significantly cutting down on the problem.

The symposium held on Tuesday reflected the issue of piracy in the region, while also seeking solutions through various panels to combat the problem in the future. Overall, it will contribute to safer shipping lanes and economic activity in the region to be reflected in the coming months/years.

Source: http://globalseafreight.com/piracy-and-its-effect-on-global-trade/